DUBLIN, Sept. 28, 2022 /PRNewswire/ -- The "Missile Defense System Global Market Report 2022" report has been added to ResearchAndMarkets.com's offering.
The global missile defense system market is expected to grow from $22.43 billion in 2021 to $23.92 billion in 2022 at a compound annual growth rate (CAGR) of 6.66%. The missile defense system market is expected to reach $31.32 billion in 2026 at a CAGR of 6.97%.
North America was the largest region in the missile defense system market in 2021. The regions covered in the missile defense system market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The surge in defense spending globally is expected to drive the growth of the missile defense system market in the forecast period. The surge in defense expenditure facilitates the implementation of expensive but necessary missile defense system technologies. The advancements in weapons and attacking capabilities worldwide have created the demand for the installation of defense technologies by governments to prevent threats from foreign countries.
For instance, according to Stockholm International Peace Research Institute (SIPRI), total global military expenditure has increased to $1,981 billion in 2020 with an increase of 2.6% from 2019. The United States being the world's largest military spender, accounted for 39% of total military expenditure in 2020. Therefore, the surge in defense spending globally drove the market.
The rise in developments and increasing use of artificial intelligence is a key trend gaining popularity in the missile defense system market. Artificial intelligence is computer intelligence or intelligence demonstrated by a machine to help perform simple tasks more efficiently or tasks that couldn't be performed otherwise. Developments in artificial intelligence are the discovery of knowledge that helps in developing products using AI or machine learning.
For instance, in 2021, Rafael Advanced Defense Systems, an Israel-based company launched a new sea breaker maritime and land-based long-range missile that mixes artificial intelligence and decision-making algorithms to create a fifth-generation weapon system. The sea breaker helps in providing exact strikes from the standoff place up to 300km.
In July 2020, BAE Systems, a UK-based company acquired Collins Aerospace's military global positioning system (GPS) business, for an undisclosed amount. This acquisition is expected to help in technology-based business and bring new discriminating capabilities to the U.S. Department of Defense. Collins Aerospace was founded in 2018 and is a US-based manufacturer of components related to military and defense and commercial aviation.
1) By Technology: Fire Control System; Weapon System; Countermeasure System; Command And Control System
2) By Domain: Ground; Air; Marine; Space
3) By Range: Short; Medium; Long
4) By Threat Type: Subsonic Missiles; Supersonic Missiles; Hypersonic Missiles
Key Topics Covered:
1. Executive Summary
2. Missile Defense System Market Characteristics
3. Missile Defense System Market Trends And Strategies
4. Impact Of COVID-19 On Missile Defense System
5. Missile Defense System Market Size And Growth
6. Missile Defense System Market Segmentation
7. Missile Defense System Market Regional And Country Analysis
8. Asia-Pacific Missile Defense System Market
9. China Missile Defense System Market
10. India Missile Defense System Market
11. Japan Missile Defense System Market
12. Australia Missile Defense System Market
13. Indonesia Missile Defense System Market
14. South Korea Missile Defense System Market
15. Western Europe Missile Defense System Market
16. UK Missile Defense System Market
17. Germany Missile Defense System Market
18. France Missile Defense System Market
19. Eastern Europe Missile Defense System Market
20. Russia Missile Defense System Market
21. North America Missile Defense System Market
22. USA Missile Defense System Market
23. South America Missile Defense System Market
24. Brazil Missile Defense System Market
25. Middle East Missile Defense System Market
26. Africa Missile Defense System Market
27. Missile Defense System Market Competitive Landscape And Company Profiles
28. Key Mergers And Acquisitions In The Missile Defense System Market
29. Missile Defense System Market Future Outlook and Potential Analysis
For more information about this report visit https://www.researchandmarkets.com/r/c31cbq
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SOURCE Research and Markets